REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Bennetts Of Ross Development Company |
Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Bennetts Of Ross Development Company |
Limited |
Bennetts Of Ross Development Company |
Limited (Registered number: 03587243) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Bennetts Of Ross Development Company |
Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
48 Hucclecote Road |
Gloucester |
Gloucestershire |
GL3 3RS |
BANKERS: |
Market Place |
Ross-on-Wye |
Herefordshire |
HR9 5BX |
Bennetts Of Ross Development Company |
Limited (Registered number: 03587243) |
Statement of Financial Position |
30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bennetts Of Ross Development Company |
Limited (Registered number: 03587243) |
Statement of Financial Position - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bennetts Of Ross Development Company |
Limited (Registered number: 03587243) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Bennetts Of Ross Development Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income due for the accounting period from the investment property. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
Despite net current liabilities of £81,674 (2022 - £75,938) the accounts have been prepared on a going concern basis. |
The directors have reviewed the future cash flows of the business and have expressed their willingness to financially support the company for the foreseeable future and therefore deem the going concern basis of preparation to be appropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
Bennetts Of Ross Development Company |
Limited (Registered number: 03587243) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 July 2022 |
Revaluations | 185,000 |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
In August 2023, the residential investment properties were revalued on an open market basis by a local property agent. This has resulted in an increase to the investment property valuation at 30 June 2023 as reflected above. |
If the investment properties had not been revalued they would have been included at their historic cost of £1,390,275 (2021 - £1,390,275). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/6/23 | 30/6/22 |
£ | £ |
Bank loans |
The bank loan is secured by fixed and floating charges over the company's investment properties and other assets. |
Bennetts Of Ross Development Company |
Limited (Registered number: 03587243) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | PROVISIONS FOR LIABILITIES |
30/6/23 | 30/6/22 |
£ | £ |
Deferred tax |
Tax losses carried forward | ( |
) |
Other timing differences | 37,147 | 32,689 |
37,147 | 32,016 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during year |
Balance at 30 June 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/23 | 30/6/22 |
value: | £ | £ |
Ordinary | £1 | - | 2 |
Ordinary 'A' | £0.01 | 50 | - |
Ordinary 'B' | £0.01 | - | - |
50 | 2 |
The following shares were allotted and fully paid for cash at par during the year: |
4,800 Ordinary 'A' shares of £0.01 each |
2 Ordinary 'B' shares of £0.01 each |
During the year, the 2 x £1 ordinary shares were subdivided to 200 x £0.01 shares. These shares were then redesignated as Ordinary 'A' shares. Following this, a further 4,800 x £0.01 Ordinary 'A' shares were allotted in addition to 2 x £0.01 Ordinary 'B' shares. |
11. | RELATED PARTY DISCLOSURES |
Bennetts of Ross Limited |
A company controlled by the directors J W Bennett & Mrs L M Bennett |
Bennetts of Ross Limited has loaned funds to the company. The loan balance outstanding at 30 June 2023 is £42,088 (2022 - £31,412). The loan, included within other creditors, is interest free with no fixed repayment terms. |